If you’re living alone, you’re most likely renting a home or an apartment. While there’s added freedom of having a place to yourself, you still face certain risks and perils. Landlords have insurance for the dwelling, but that insurance won’t cover your personal belongings in case of a disaster.
Do I Need Renters Insurance?
Renters insurance isn’t required by law. Some landlords may require you to have renters insurance as part of your lease agreement, however.
What Does Renters Insurance Cover?
Thankfully, you don’t have to worry about buying coverage for the dwelling when renting, as that’s the landlord’s duty.
Most renters insurance, especially in Virginia, offers similar coverage to HO-4 for homeowners insurance. It covers a lot of the same perils such as fire, hail, wind, theft, vandalism and more. A typical renters insurance policy includes:
- General Liability: Your landlord is likely to ask you to carry general liability renters insurance. This coverage steps in if you cause bodily injury or property damage to someone else. This liability extends beyond the premises of the rented property.
- Personal Possessions: A landlord’s business policy won’t usually cover your belongings. If your items are damaged or lost, personal possession coverage can provide you with the cash value or replacement value for those items.
- Additional Living Expenses: If a disaster destroys or damages the dwelling, additional living expenses can help pay the cost for temporarily living somewhere else while repairs are being made.
- Pet Coverage: If you have pets in a rented space, you’ll need pet coverage. Pet coverage is liability coverage that protects you if your pet causes bodily injury or property damage to someone else.
Note that renters insurance typically doesn’t cover flood or earthquake damage. These are separate coverages you can purchase. But you are most likely covered if a pipe bursts and causes water damage.
Is Renters Insurance Worth It for One Person?
Whether you live with a ton of people or on your own, it’s important to make the right decision when it comes to insurance coverage. If you live in an area where weather is tumultuous, such as the tornadoes in Virginia, it’s important to cover your belongings and have money should you have to move.
How Much is Renters Insurance for One Person?
On average, renters insurance in the US costs $16 a month. That’s a little more than most streaming services and well worth considering to protect your possessions.
Also Read: Your Flood Insurance Responsibility While Single